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Constant Ballast is a competition term for "pure" freediving, in which the diver descends and ascends under his or her own power. If the diver wears weights, they must return to the surface with the diver. There are different ways to do this; with bi-fins, a monofin, or no fins at all.
No Limits means the diver can use whatever technology and equipment to reach the bottom and ascend. This is usually done with a weighted platform that slides down a weighted line. The diver typically ascends with an inflatable lifting bag (inflated by a compressed air cylinder).
"Variable" is where the diver uses weights or a platform to descend, but must swim or pull himself up the line.
"Dynamic" is where the diver swims for distance horizontally on one breath; usually in a pool, sometimes with fin/fins, or no fins.
Chers,
Erik Y.